Korea Times K-Culture Reporter
Baek Byung-yeul is a journalist at The Korea Times focused on cultural content, including films and cultural events in South Korea. You can contact him at baekby@koreatimes.co.kr to share your insights.
LG CNS employees promote the IT firm's blog, which focuses on technologies for digital transformation, at the company's office in Seoul, Thursday. LG CNS said its blog has garnered more than 10 million visitors, proving the pivotal role it has played in achieving digital transformation. / Courtesy of LG CNS
Plug Power's hydrogen tank truck is seen in this photo provided by SK Holdings, Wednesday. / Courtesy of SK HoldingsSK-invested Power Plug to begin hydrogen car biz with RenaultBy Baek Byung-yeulSK Group is riding high on the growing hydrogen fuel cell business as U.S.-based power company Plug Power, in which the group recently purchased shares, will expand into the fuel cell vehicle business with French automotive group Renault.Plug Power said Tuesday (local time) that it signed a memorandum of understanding with French automotive Groupe Renault to launch a 50-50 joint venture based in France by the end of the first half of 2021.It said the joint venture will conduct research and development activities, manufacturing and the sale of fuel cell-powered vehicles, and operate a hydrogen turn-key businesses in the coming years. The two companies also set the goal of taking a 30 percent share of the fuel cell-powered light commercial vehicle market in Europe.“This joint-venture platform will serve the fast-growing market of fuel cell light commercial vehicles, taxis, and commercial
Samsung Electronics Vice Chairman Lee Jae-yong, second from left, inspects the company's foundry facility at its Pyeongtaek plant, Jan. 4. / Courtesy of Samsung ElectronicsBy Baek Byung-yeulChances are increasing that Samsung Electronics could secure an outsourcing deal for its foundry to produce 7-nanometer chips for Intel as its own plan to produce its computer processors using more microscopically small transistors has been disrupted.Thanks to the expectation that Samsung may manufacture Intel's computer chips, the Korean tech giant's stocks have been enjoying the bulk of investors' attention and buying demand because they believe the foundry business, which refers to contract-based chip manufacturing for chip-designing companies, could become one of Samsung's stable growth engines.Given Samsung, the world's leading memory chip maker, is forecasted to see soaring memory chip demand globally, stock analysts presumed the company's stock price will likely to go up to 150,000 won ($136.30) per ordinary share within the first half of this year. Shares of Samsung Electronics closed at 9
Doosan Infracore's excavator / Courtesy of Doosan InfracoreBy Baek Byung-yeulAttention is growing over lawsuits involving Doosan Infracore's Chinese subsidiary Doosan Infracore China Co. (DICC) as the legal battle between the construction equipment's Chinese unit and its investors will begin at the Supreme Court, Jan. 14.The court ruling is expected to decide the fate of Doosan Group's corporate restructuring plan as the group's construction arm Doosan Heavy Industries & Construction put its stake in Doosan Infracore up for sale as part of its self-rescue effort. Doosan Heavy Industries & Construction is the largest shareholder of Doosan Infracore, owning a 35.4 percent stake.The lawsuit could also affect the on-going acquisition deal in which Doosan Infracore has tried to sell itself to a consortium led by Hyundai Heavy Industries Holdings. In December, the consortium was chosen as a preferred bidder for the sale of a 35.4 percent stake in Doosan Infracore held by its mother company Doosan Heavy.The cash-strapped Doosan Group has been seeking to sell its shares and assets to
By Baek Byung-yeulThe American Chamber of Commerce in Korea (AMCHAM Korea) has announced new board members this year.James Kim, Chairman and CEO of AMCHAM KoreaThe new board of governors is comprised of 34 members. The lobby group said it named seven female executives as new board members to be more diverse and inclusive than before.“The group continues to increase the number of female executives on the board, reaching the highest in AMCHAM's history at seven members. The group also includes members with military and U.S. government experience, who will bring more depth as well as a different perspective to the group beyond business backgrounds,” the group said, Jan. 7.With its new board members, AMCHAM Korea said it has set three goals for 2021 ― enhancing cooperation with the Korean government, helping member companies achieve digital transformation and developing strong relationships with U.S. President-elect Joe Biden.The business group also aims to “continue AMCHAM's transition into the new normal beyond COVID-19 by building on its digital transformation”
A model poses with LG Display's 77-inch OLED TV that boasts improved picture quality during the online Consumer Electronics Show, Monday. / Courtesy of LG Display
Hyundai Motor Group's Electric-Global Modular Platform (E-GMP). The platform will be used to produce electric vehicles for the group's Hyundai, Kia and Genesis brands. / Courtesy of Hyundai Motor GroupBy Baek Byung-yeulSince Apple will reportedly commence electric vehicle (EV) production, news surrounding the U.S. tech behemoth has been creating a stir in Korea, raising expectations that the iPhone maker will invite numerous local EV companies to its supply chain.Following speculation in late December that LG Group could supply components needed for Apple's EVs, Hyundai Motor Group was also linked to the EV production, according to a local report, Friday.Hyundai Motor, the country's largest automotive group with three brands ― Hyundai, Kia and Genesis ― is reportedly in early-stage talks with Apple to jointly develop the car.A PR official of Hyundai said the automotive group was in discussions with numerous EV makers for potential cooperation and nothing has been decided yet.“We've been receiving requests for potential cooperation from various companies regarding the developmen
Samsung Electronics' office in Seoul / YonhapBy Baek Byung-yeulSamsung Electronics estimated its total operating profit for 2020 is likely to jump 29.46 percent compared to 2019 thanks to the performance of its semiconductor business.In its fourth quarter earnings guidance released Friday, the tech giant said overall it expects to post 236.26 trillion won ($215.6 billion) in sales for the year and 35.95 trillion won in operating profit, up 2.54 percent and 29.46 percent from a year earlier, respectively, despite a tailing off in the October to December period. The company estimated its sales for the quarter at 61 trillion won and operating profit at 9 trillion won, down 8.9 percent and 27.13 percent from the previous three months. The diminished figure is not completely unexpected as the company enjoyed explosive demand for chips in the second and third quarters of 2020.The reinforced lock down measures to control the spread of virus in the company's major markets such as Europe also negatively affected the company's performance in the quarter. However, given the fourth quarter is tr
By Baek Byung-yeulSK hynix announced Thursday a roadmap to achieve newly set social contribution goals by 2030 as part of SK Group's effort to improve its environmental, social and corporate governance (ESG) standards.SK Group Chairman Chey Tae-wonThe semiconductor company said its social contribution goals, Social Values 2030 (SV 2030), is designed to make the firm a more eco-friendly company and to help increase the capabilities of its local partner firms in fostering the country's chip industry ecosystem.SK hynix's SV 2030 also aims to help disadvantaged and vulnerable groups by introducing various charitable activities and hiring more people with disabilities. The company will work to focus on cultivating a better corporate culture by offering employees more time to practice self-improvement, and increasing the number of female employees.The company's commitment is in line with SK Group Chairman Chey Tae-won's vision, which is upgrading the group's ESG standards. In his New Year address, Chey emphasized now was the time for the group's employees to embrace a new spirit of entrepr
Samsung Electronics Vice Chairman Lee Jae-yong inspects the company's network equipment during his visit to the company's R&D unit in Seoul, Wednesday. Lee is the second-largest shareholder of Samsung SDS, owning a 9.2 percent stake. / Courtesy of Samsung ElectronicsBy Baek Byung-yeulSamsung SDS is considering joining the cold chain business for storage and delivery of COVID-19 vaccines, which must be kept at a consistently cold temperature, as part of efforts to expand its business beyond group affiliates.The IT services arm of Samsung Group said Wednesday it conducted a simulation recently on delivering vaccines in conjunction with Yongma Logis, a local medicine and medical supplies delivery company, and Korea Superfreeze that operates ultra-cold storage facilities. In the simulation, Samsung SDS took the role of managing the vaccine delivery procedure including checking the temperature of the vaccine using its Internet of Things (IoT)-based temperature tracking system.“With Yongma Logis and Korea Superfreeze, we simulated vaccine delivery at an extremely cold temperature